Mobile Application Market Overview:

The mobile apps gain importance at a global level due to their ease of use and user-friendly interface. As these apps provide the specific information required by the user, these apps become the basic need of anyone using the personal portable devices such as smartphones, tablets, or laptops.

The global mobile application market is segmented on the basis of marketplace, app category, and geography. Based on marketplace, it is classified into Google play store, Apple app store, and others (Blackberry OS app store and Windows app store). By app categories, it is divided into gaming, music & entertainment, health & fitness, travel & hospitality, e-Commerce & retail, education & learning, and others (news and media, magazines, whether forecast, food and beverages, and utilities). The regional market is further analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global mobile application market accounted for $108,440 million in 2016, and is expected to grow at a CAGR of 19.2% to reach $311,249 million by 2023. Continuous increase in the mobile users and the growth of unique subscriber base in the telecom industry drives the market growth for the global mobile application market during the forecast period. The attacks and threats to cyber security is expected to be restraint the market as the wide spread internet connectivity sometimes exposes the user information while installing the apps as well as using them, creating a potential threat to the personal and confidential information.

The U.S. and China are the leading countries in the mobile app industry. At present North America leads the mobile app market. In the coming years, China is expected to surpass the U.S. market for mobile app; thus boosting the market in Asia-Pacific.

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The global mobile application market accounted for $108,440 million in 2016, and is expected to grow at a CAGR of 19.2% to reach $311,249 million by 2023. A mobile application or app is a software used on a mobile or personal device such as smartphone or tablet. The mobile apps are available on a platform called marketplace or app store, which include Google Play Store, Apple App Store, and some other marketplaces (Blackberry OS App Store and Windows App Store).

Increase in number of smartphone users over the feature phones since the past decade boosts the mobile app industry growth. Also, the dominance of IoT technology drives the mobile app industry. Further, increase in the number of internet users and growth in number of unique subscriber base in telecom industry also fuel the market.

The increase in security threats and attacks have increased the concerns for personal data security of the user limits the mobile application market. Moreover, the substantial number of free mobile apps as compared to the paid or premium apps also restraints the market.

Rise in the market for advanced technologies, such as smart building, building automation, Internet of Things (IoT), wireless sensor networks, nanotechnology, and human machine interface solutions fuel the growth of the mobile app market.

The global mobile application market is segmented into marketplace, app category, and region. The marketplace segment is further divided into Google Play Store, Apple App Store, and others. By app category, the market is classified into gaming, health & fitness, music & lifestyle, travel & hospitality, retail & e-commerce, education & learning & others (navigation, news, magazine, food & beverages, and utilities). The regional market is further analyzed across North America, Europe, Asia-Pacific, and LAMEA. At present, North America is the largest market for mobile application in terms of market size and Asia-Pacific is expected to grow at the highest CAGR of 22.1% during the forecast period.